The 4 Ps of Marketing and Their Role in Today's Digital Marketing Success

What are the 4 Main Ps of Marketing?

The 4 Ps of marketing consists of the four key factors, product, price, place, and promotion which represent the components of a 'marketing mix,' or the collection of tools and techniques utilised by marketers to accomplish their digital marketing goals.

However in the late 1970s, marketers broadly agreed that the the 4 Ps of Marketing Mix needed to be modified. As such, Booms & Bitner developed the Extended Marketing Mix in 1981, which expanded the 4 Ps Principle by three new components - people, processes, and physical evidence. On account of this, the extended marketing mix can now encompass services as well as physical goods.

1. Product

The product is where each component of the marketing mix is focused at. It is primarily what is being marketed so you must ensure that it fits the needs of your target audience and the market. When we look at it, your product should be able to satisfy the following features such as design, quality, packaging, and brand to be effective.

It's also important to take into account the product life cycle, which includes the phases of growth, maturity, and sales decline. Each of these phases has its own unique set of challenges and opportunities that must be addressed with the 4 Ps of marketing to help ensure a successful outcome. By succeeding in this area, you can offer a higher-quality product to your target market than your competitors.

Technically, your product is the sole thing that your customer needs, which is why it should also be your priority to optimise your product lines as necessary. In a marketing mix, product considerations cover every part of what you're attempting to sell, and this strategy is known as 'product-led marketing'. Through this strategy, marketers are allowed to reach customers while they are actively enjoying the value of the features they have grown accustomed to using in the context of the product.

The marketing mix—which includes SEO, blogs and articles, paid advertising, influencer marketing, and viral video campaigns—is ideal for promoting your products.

2. Price

In marketing, the price should take into account what your target market is willing to spend, as well as other factors like manufacturing and retail markup expenses.

Your marketing strategy may include membership and subscription discounts, as well as email marketing for sales and promotions. Having these strategies allows you to stay connected with your customers as they use their product while actively appreciating its benefits.



When determining the right price, marketers should consider the value of the product and weigh the pros and cons of different pricing strategies. You may answer some questions that can help you find an appropriate pricing strategy:

• Is the price reasonable?
• How does the price compare to its competitors?
• Are seasonal discounts a good way to bring in more customers?
• Is the payment plan accepted?
• Does the customer need to meet any credit terms?

Make it a habit to consistently check if the costs of the products and services you offer are still reasonable given the conditions of the market. Every so often, it may be advisable to either increase or cut down your prices.

Numerous businesses have discovered that the profitability of particular goods and services doesn't justify the time and money spent developing them. They may lose some clients as a result of boosting their prices, but the majority still makes money on each transaction.

3. Place

Where do you plan to sell and promote your products? Place is an important element of the marketing mix as it identifies where your products will be distributed and how potential customers can access them.



In determining your product's distribution channels, direct customer feedback should be considered. Following this marketing strategy, you can have a better understanding of your customers buying habits and behaviour. It will be obvious where you should promote and sell your products as well as how that fits into your online and offline marketing mix.

So, how do you determine the right place for your products? Here are some questions to help you get started in this element of the marketing mix.

• What locations do buyers look for your product?
• How can I locate the finest distribution channels?
• What sets your distribution plan apart from those of your competitors?
• Is assembling a sales team necessary?
• Are you required to sell something online?

Consider where the target audience and customers may actually buy your product. While staying in the same place is a safe strategy, a change in location can occasionally result in a sharp rise in sales.

Your goods can be sold in many different locations. Some businesses use direct selling while others sell through distributors, mail order, and trade exhibitions in stores. While there are various ways and marketing channels to sell your products and services, the best way is to have a bespoke website designed exclusively for your business.

4. Promotion

Promotion helps suppliers and buyers communicate with one another. Using promotional strategies and tools, marketers can persuade and influence their customers to purchase their goods or services.

Significantly, the role of promotion in the marketing mix is to focus on customer demographics to determine the current demands in the market and devise a plan to enhance the sales of the business.

A promotional strategy can be in the form of:

• Advertising on print or product placement
• Television commercials
• Content marketing
• Coupons or percent off discounts
• Digital strategies
• Social media marketing
• Email marketing
• Display ads
• Marketing communications
• Search engine marketing
• Public relations

Promotion is meant to raise brand awareness, draw attention, drive action and encourage customer loyalty. When coming up with a promotion plan, you might consider answering some of the following questions.

• What is the ideal timing and channel to connect with your target market for digital marketing communication?
• What approaches do your competitors use to advertise themselves?
• How does your competitors' strategy influence your choice of promotion?
• When is the optimal time to launch your product in the market?
• Is utilising social media the most effective strategy?



5. Physical Evidence

Another element that makes the marketing mix more efficient is the presence of physical evidence. Whether it is concrete or tangible, you need to show proof that your product or service was delivered. This may include product packaging, receipts, and even customer service. Even brand perception in the marketplace can be considered an intangible form of physical proof.

Using physical evidence and consistent branding across media, customers may possibly remember your brand every time they hear a word, phrase, or sound that represents your product.



6. People

People identify with anyone who interacts with your customers either through customer service or in sales; whether directly or indirectly. Considering precisely who will carry out each work and responsibility is one of the most important digital marketing strategies you will ever have to make in order to succeed in your business.



Some other brands or businesses cannot move forward with a marketing concept because they haven't met yet the right person to implement the job. Having the right people on board ensures that they not only contribute to the company's overall success but they will also grow individually - reducing any need to hire in the future should a leadership role arise.

7. Processes

Your product or service is offered to customers using the processes in the marketing mix. It is also through the sales funnel, distribution network, and other methodical activities can your company's efficiency be guaranteed.



To save money, you'll also want to ensure that each of your processes or techniques is well-organised. Additional aspects include the sequence in which people complete tasks, the volume of questions that salespeople field, and the manner in which performance is tracked and evaluated.